and MGM go into Full administration the accountants in charge of the administration will want to sell off the parts quickly and where easiest. The company will be split up, not just sold as a whole. Ergo the percentage of rights MGM holds would surely go to Warner over Fox or anyone else as it makes the most sense...Fox/other studios may be after other aspects, the huge MGM archive, the logo etc etc. At the point where a business is going bust its a case of doing what makes sense, so where MGM already have some sort of deal RE: Hobbit rights with Warner I think it would be a major coup for anyone else to just come along and steal them. It's a bit diff to the Watchmen case really. and I dont think the financial adjudicators would be actively seeking a bidding war but rather get things resolved as quickly as poss?

Having said that, I don't think MGM are officially in administration at this point so again we probs wont find out until it's all done.

Do we know who has been paying for The Hobbit development costs up until this point? Surely Weta isn't covering these costs...? They must have spent close a few mil already...